Lenovo beats quarterly revenue expectations
On Monday, Lenovo Group Limited (0992.HK) posted its quarterly profit and stated that the firm would continue to benefit from “new normal” remote working setups after the coronavirus pandemic.
The Chinese multinational technology company reported a 53% increase in its net profit for the third quarter that ended in September to $310 Million.
“Last quarter was what I would call a perfect quarter for Lenovo. Our gaming PCs and our thin-and-light PCs actually grow margin faster than other products. I hope the current quarter could be even better,” Lenovo’s Chairman Yang Yuanqing said in an interview with Reuters.
According to Gartner’s research firm, worldwide shipments of personal computers climbed by 3.6% from July to September in light of home entertainment and distance learning needs.
Market shares worth 25.7% consisted of Lenovo’s personal computers. It was relatively higher compared to HP Inc’s 21.6% shares and Dell Technologies 15.2% shares.
Lenovo’s revenue increased by 7% to $14.5 billion.